HomeMy WebLinkAbout04 Rosswood Villas ResoHA 2007-002RESQLUTION N0. HA 2007-042
~ ~EOLIJTION OF THE HO~INO AUTHORITI~ OF THE
CITY ~F SANTA ANA ~ELA~I NO ITS INTENTION TO
REIII~IBUE EPEN~ITURES F~OI THE POEE~
OF TAB-EENIPT OBLIOATI~N ANA DIRETIN
E~TAIN ANION
BE lT ~EOLE~ ~ THE IUIEIEE~ OF THE HOUINO AUTHORITI~ OF
TI-IE ITI~ OF SANTA ANA, A FOLLOW:
Section ~ , The Housing Authority of the pity of Santa Ana conclusively finds,
determines and d ecl Ares ~~ follows:
A. The Housing Authority of the pity of Santa Ana {the "Authority"~ intends to
issue tax~eerr~pt obligations {the "Obligations"~ for the purpose, among
other things, of malting ~ loan to Northwood Associates, L, P., ~ California
limited partnership, or such other limited partnership or a limited liability
company to be formed by 1lVN and Associates the "~eveloper''~, the
proceeds of which shall be used by the developer to finance the
acquisition, rehabilitation and developrr~er~t of 4~-units of multifamily
rental housing commonly Known a the Rossood Villa Aperkrner~ts
located at ~ ag North doss street in the pity of Santa Aria, California the
"Project"}.
B. l~nited Mates Income Tai regulations section ~ .1 ~-~ provides
generally that proceeds of tax-exempt debt are nat deemed to be
upended v~hen such proceeds are used for reimbursement of
expenditures nude prior to the date of issuance of such debt unless
certain procedures ere followed, among which i a requirement that ~uwrith
certain exceptions}, prior to the payment of any such expenditure, the
issuer must declare an intention to reimburse such expenditure.
I# is in the public interest and for the public benefit that the Authority
declare its official intent to reimburse the expenditures referenced herein;
Section ~. The Authority intends to issue the Obligations for the purpose of
pa}~ing the costs of financing the acquisition, rehabilitation and development of the
Project.
Seution The Authority hereby declares that it reasonably expects that a
portion of the proceeds of the Obligations will be used for reimburserr~ent of
e~cpenditures for the acquisition, rehabilitation and development of the Project that are
paid before the date of initial execution and delivery of the Obligations,
Section 4. The mairnurn amount of proceeds of the Obligations to be used
for reimbursement of expenditures for the acquisition, rehabilitation and development of
the Project that are paid before the date of initial execution and delivery of the
Obligations is not to e~cceed ,~~~,~oo.
R~~~1u~ian IVa. ~~ ~~~~-~~~
Page ~ ~f 3
section ~. The foregoing declaration is consistent with the budgetary and
financial circurnstar~ces of khe Authority ire that there are no funds bother than proceeds
of the obligations} that are reasonably expected to ~~ {i~ reserved, ~ii~ allocated or ~iii~
otherwise set aside, on ~ long-terra basis, by or on behalf of the Authority, or any public
entity controlled by the Authority, for the expenditures for the acquisition and
rehabilitation of the Project that are expected ko ~~ reimbursed from the proceeds of the
obligations.
section ~. The Developer shall be responsible for the payrnenk of all present
and future costs in connection with the issuance of the obligations, including, but not
limited to, any fees and expenses incurred by the Authority in anticipation of the
issuance of the obligations, the cost of printing any official stater~ent, raking agency
costs, bond counsel fees and expenses, underwriting discount and costs, trustee fees
and expense, and the costs of printing the obligations. The payment of the principal,
redemption premium, if any, and purchase price of and interest on the obligations shall
be solely the responsibility of the Developer. The obligations shall not constitute a debt
or obligation of the Authoriky~
section ?, The law firm of hones Fall, A Professional Law Derporationr is
hereby named as bond counsel to the Authority in connection with the issuance of khe
obligations. The fens and expenses of bond counsel and any financial advisor
employed by the Authority in connection with the issuance of the obligations are to be
paid solely from the proceeds of the obligations or directly by the Developer.
section ~. The appropriate officers or staff of the Authority are hereby
authorised, for and in the name of and on behalf of the Authority, to make an
application to the California Debt Limit Allocation committee for an allocation of private
activity bonds for the financing of the Project.
section g. The adoption of this Resolution shall not obligate {i} the Authority to
provide financing to the Developer forthe acquisition, rehabilitation and developrr~ent of
the Project or to issue the obligations far purposes of such financing; or ~ii~ the
Authority, of or any department or agency of the Authority or the pity of Santa Ana to
approve any application or request for, or take any other action in connection with, any
environmental, general Plan, coning or any ether permit or other action necessary for
the acquisition, rehabilitation, development or operation of the Project.
section fig. This Resolution shall take effect irr~mediately upon its adoption by
the Authority hoard, and the Recording secretary far the Authority shall attest to and
ce rtify the note adopting this Resolution ,
ADAPTED this 1 ~~ day of Aril, ooh.
Resolution No. HA 2~~1-4~
P~g~~~f3
A~PR~E~ ~ T~ FOI~NI:
~~sepl~ VII. Fletcher, errer~l oun~el
k
~~I: ~~
Lisp E. tcrck
Assit~nt ~cur~el
~l~E: uth~rit}~ Ier~~er~:
NE: ~th~rity Members:
~~T~IN: ~-~th~rit~ Members:
NAT PREE~VT: uthorit~ Members:
~lvare~ ~n~vi~es ~~sf~m~nte Martine
~ulido armient~ Tina`~r~ 7
N~r~e ~
~~e ~~~
Dane ~
E~TIFI~~TI~~V ~F ATTET~-TI~H ANA ~RI~INALITY
Ir P~TRICI E. HELD, secretary to the Hauling Authority, d~ hereby ~ttet t~ ar~d certify the
attaahe~ Resclutiar~ Na, ~~~'-~~ to ~e the original re~al~tion ade~te~ by the Hcu~ing
~thority of the it}~ of Santa Ana an A ril ~ X07.
date:
ec~rdir~~ secretary
Ho~sit~~ A~th~ri#~
pity ~~ Santa ~-na
r~esclutl~r~ ~~. H18k LV~~-~I~~
Pa~~ of ~